Rieter shareholders approve separate textiles co - sportstextiles: Lea SportsTextiles

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Rieter shareholders approve separate textiles company proposal

13/04/2011
Shareholders of Swiss machinery manufacturer Rieter have approved the company's plan to split its textile machinery operation from the automotive side of the business and run it as a separate listed company.

At the annual general meeting of Rieter Holding Ltd in Winterthur on April 13, shareholders approved all proposals by the board of directors, including the split of the Rieter Group.

In all, 813 shareholders representing 51% of share capital were present.

Chairman, Erwin Stoller, said: “You have just set one of the most important milestones in Rieter’s history. I am convinced that both our automotive supply and textile machinery businesses are well positioned for a successful independent future.”

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